IBM Could Ride Blockchain Craze to New Highs

Dow component International Business Machines Corporation could emerge as the financial market’s blockchain darling in 2018, lifting the stock well above $200 to all-time highs. The company has already captured the industry’s top slot according to a survey of IT professionals, but starry-eyed traders have chosen to ignore the achievement, instead throwing speculative capital at beaten-down micro caps transformed overnight into quasi-blockchain investors.

Shares of Big Blue gained less than 6% in the fourth quarter of 2017 despite its blockchain growth, grinding through a basing pattern in the lower half of a brutal five-year trading range. However, the stock has flown out of the gate in 2018, hitting a nine-month high while surpassing the prior quarter’s performance in just two weeks. This bullish action bodes well for this week’s earnings confessional, which could ignite a euphoric burst into the $170s, especially if the 106-year-old technology giant outlines initiatives to further capitalize on its powerful positioning. (See also: IBM Plans Its Blockchain Dominance.)

IBM has emerged as the world’s top blockchain player, and the stock could rally to new highs in the coming months. …read more